Key takeaways:
- Cryptocurrency Industry Leaders Gear Up for 2024 Elections with $78 Million Political Action Committee Fund
- Ripple, Coinbase, a16z Pour $78M into Pro-Crypto PAC in Anticipation of US Elections
As the 2024 election cycle looms large on the horizon, three political action committees (PACs) backed by influential figures in the cryptocurrency industry are set to kick off the year with a formidable war chest of $78 million.
The alliance, comprising Fairshake and its affiliated super PACs, Protect Progress and Defend American Jobs, has a singular mission: to emerge as key influencers shaping the political landscape during this crucial period.
On Monday, a spokesperson for the trio stated their intention to “support leaders who support American crypto and blockchain innovation and responsible regulation in the forthcoming 2024 elections.”
Fairshake, already garnering support from industry giants such as Coinbase and its CEO Brian Armstrong, as well as Gemini co-founders Tyler and Cameron Winklevoss, along with major players like Kraken, Ripple, and Circle, is positioning itself as a driving force advocating for fair and responsible regulations.
The catalyst for this initiative stems from the significant dissatisfaction among Americans, with a staggering 91% expressing discontent with the current financial system.
The Fairshake Super PAC, backed by influential figures from Coinbase, Kraken, and others, aims to address concerns about regulatory ambiguity resulting from a perceived “regulation-by-enforcement” approach
The fear is that such a strategy may lead to a lack of clarity and potentially push economic activities offshore.
The initiative is rooted in the belief that embracing the transformative potential of the American crypto community is crucial for shaping a regulatory framework that encourages growth and innovation.
Ripple CEO Brad Garlinghouse has also entered the fray, publicly announcing the company’s intent to support “pro-crypto” candidates in the 2024 United States election season.
Taking to Twitter, Garlinghouse criticized regulatory overreach and pledged that Ripple would lead the charge, alongside other industry leaders, to support candidates advocating for favorable industry regulation in 2024.
While the specific candidates targeted by these committees remain undisclosed, Federal Election Commission records reveal that Fairshake has already spent over $1 million in television advertisements supporting a select group of lawmakers with a track record of supporting the crypto industry. As PACs and parties prepare to file their campaign finance disclosures with the FEC, the full donor profiles for these groups are expected to become public, shedding light on the forces shaping the intersection of cryptocurrency and politics in the upcoming election year.
Contributions made between July and the end of 2023 are due to be disclosed by the end of January 2024, providing further insight into the financial dynamics at play.
